According to report published by Grand View Research, Global Drilling Fluids Market size was valued at USD 7.98 billion in 2015. Technological advancements to modify the fluid rheology for efficient extraction in different formations have created lucrative avenues for industry participants.

The Global Drilling Fluids Market is expected to reach USD 10.01 billion by 2025, according to a new report by Grand View Research, Inc. Increasing upstream spending to sustain oil production targets is anticipated to drive oil & gas industry drilling activities over the forecast period. Technological advancements to modify the fluid rheology for efficient extraction in different formations have created lucrative avenues for industry participants.

Increased maintenance costs and environmental risks associated with offshore locations, have urged companies to deploy drill mud for cost-efficient E&P activities. Growing demand for increasing production rates, efficiency and mitigating gas related capital expenditures is expected to drive drilling fluids demand in offshore activity, over the long term. Growing number of ongoing projects in the Middle East and Africa including, Maydan Mahzam and Bul Hanine fields are projected to drive product demand over the next nine years.

WBF emerged as a leading drilling fluid product segment covering 50.4% market revenue share in 2016. The OBF segment is expected to lose share over the forecast period and account for 26% of the total industry value by 2025

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.